New Full-Time Faculty Have 60 Calendar Days to Select Retirement Plan

Newly hired NOVA faculty members are reminded to make a pension plan election between VRS and the Optional Retirement Plan (ORP) within 60 days of their start date. Through the myVRS portal, members can use the plan comparison calculator to view their projected retirement income under VRS and the ORP. Employees are strongly encouraged to thoroughly compare provider options, including fees and expenses, before making their choice.

If electing an ORP plan, faculty members have a choice of two providers:

• DCP (record kept by MissionSquare Retirement with investment choices selected by VRS across a range of asset classes, risk levels and investment strategies)
• TIAA

If no election is made within the 60 calendar-day election period, the default plan is VRS. Once a plan is elected or a default enrollment occurs, the retirement plan designation is irrevocable.  

Submitted by:
Charlotte Calobrisi, AVP-HR, CCalobrisi@nvcc.edu